Benson Elliot continues Paris investment programme with €100 million purchase of Le Berkeley in La Défense

Second joint venture with Générale Continentale Investissements underscores Benson Elliot’s strategy to target quality assets in dominant markets

24 September 2007 — Benson Elliot Capital Management, the private equity real estate firm launched by Marc Mogull (“Benson Elliot”), and Générale Continentale Investissements (“GCI”), a leading French real estate investment and development company, announced today the acquisition of Le Berkeley, a 19,100 sq m (205,000 sq ft) office building in Paris La Défense. Benson Elliot invested on behalf of its fund, Benson Elliot Real Estate Partners II (“the Fund”).

The freehold building comprises primarily office space, arranged over nine above-ground floors. Underground parking is provided for 404 cars in three below-ground floors. It is currently 85% let with high quality tenants including American Express, Meilleur Taux and Pinault Bois Matériaux (PBM). The property has an excellent location in the northeast corner of La Défense, Paris’ financial district, with immediate access to the Boulevard Circulaire.

This acquisition is the fifth by Benson Elliot for the Fund since it began its investment programme at the end of 2006. It is also Bensons Elliot’s second joint venture with GCI, following the acquisition of six office buildings in Paris in February this year.

Financing for the deal was provided by HSH Nordbank Aktiengesellschaft.

ABOUT GÉNÉRALE CONTINENTALE INVESTISSEMENTS

Générale Continentale Investissements (GCI) was created in 1975 and is today one of the top leaders in commercial real estate investment and development in France. GCI has invested alongside first class partners in over 6,000,000 square feet of offices, principally in Paris and the Paris region. In the centre of Paris, these investments have incorporated turnkey deals, developments, prime renovation and reconstruction schemes, income producing assets as well as large portfolios. Tenants include major national, international and triple A companies as well as the French Administration.